This article is from the Australian Property Journal archive
TWO commercial properties in Mulgrave and Boronia have been sold privately by agents Crabtrees Real Estate for $2.03 million.
The first property, 46 Wadhurst Drive Boronia was snapped up by a local owner-occupier for $1,270,000. It comprises a building of 1,000 sqm and 21 car spaces on a site area of 2,352 sqm.
In Mulgrave, a leased office-warehouse property tenanted by an international pump company has sold for $760,000 to a private investor. Unit 17 35-7 Dunlop Road is located in the Nexus Business Park, originally developed by Salta Properties. It offered 390 sqm of building area with 90 sqm of first floor office space with the warehouse space having high clearance and good natural light.
Crabtrees agent Luke Pitcher said the tenant Flowserve Australia occupies the property under a five year lease which commenced in July 2007 with one further five year option. The current annual rental exceeds $58,400 and increases at four percent annually.
The indicative yield to the private investor purchaser is of the order of 7.7%.
“We continue to see good demand from owner-occupier businesses seeking to upgrade to better quality or more efficient building spaces, while the investment demand is strong for securely leased commercial premises,” he concluded.
Australian Property Journal
